Head of Research, Krungthai XSpring

Waraporn Wiboonkanarak

Head of Research

A full service Thai brokerage

Krungthai XSpring

Krungthai XSpring is a full service broker. The company provides a wide range of investment services such as Securities Brokerage, Derivative Agent Business, Securities Borrowing and Lending, Securities Trading, Underwriting, Financial Advisory, Wealth Advisory, Private Fund Management and International Markets Securities Trading. 

In terms of credibility, Fitch Ratings has assigned Krunghtai XSpring a long-term rating of AA- and a national short-term rating of F1+ with stable outlook.

Equity Bottom-Up

<ul><li>Amid the prolonged slowdown in international markets beyond initial expectations, the company has revised down its sales growth target for this year to only 5% (previously expected at 20%) and postponed the planned completion of the new plant by one year.</li><li>We revised our core profit estimates for 2025-26E down by 11- 15% from the previous forecasts, reflecting lower sales and profit margins, as well as higher operating expenses to sales.</li><li>The valuation metrics remain attractive based on the current fundamentals, but the tactical outlook is revised to very limited downside risk (previously neutral).</li></ul>

Amid the prolonged slowdown in international markets beyond initial expectations, the company has revised down its sales growth target for this year to only 5% (previously expected at 20%) and postponed the planned completion of the new plant by one year.We revised our core profit estimates for 2025-26E down by 11- 15% from the previous forecasts, reflecting lower sales and profit margins, as well as higher operating expenses to sales.The valuation metrics remain attractive based on the current fundamentals, but the tactical outlook is revised to very limited downside risk (previously neutral).

Sappe - Sales Growth Target This Year Set at 5%

<ul><li>Core profit in 4Q24 and 2024 grew 18% and 14% YoY, respectively, driven by higher sales and improved margins.</li><li>The dividend yield for 2024 is expected at 4.8%.</li><li>The valuation metrics remain attractive for buying based on the fundamentals, while the tactical view is neutral. </li></ul>

Core profit in 4Q24 and 2024 grew 18% and 14% YoY, respectively, driven by higher sales and improved margins.The dividend yield for 2024 is expected at 4.8%.The valuation metrics remain attractive for buying based on the fundamentals, while the tactical view is neutral. 

Sappe - 4Q24 and 2024 Core Profit Grew 18% YoY and 14% YoY Thanks to a Strong GPM

<ul><li>Core profit for 4Q24E and 2024E is expected to have grown by 27% and 16% YoY, respectively, driven by higher sales and improved margins.</li><li>A dividend yield of 5.6% is anticipated for 2024E.</li><li>The valuation metrics remain attractive regarding the current fundamentals, with a neutral tactical outlook.</li></ul>

Core profit for 4Q24E and 2024E is expected to have grown by 27% and 16% YoY, respectively, driven by higher sales and improved margins.A dividend yield of 5.6% is anticipated for 2024E.The valuation metrics remain attractive regarding the current fundamentals, with a neutral tactical outlook.

Sappe - Expect 4Q24E and 2024E Core Profit Growth of 27% and 16% YoY on a Strong GPM

Thematic (Sector/Industry)

<ul><li>Asian bourses advanced, while the SET continued to edge higher on expectations of economic stimulus from the new economic team and steady fund inflows.</li><li>The index has moved closer to the key resistance at 1,284, putting it within testing range and raising the potential for a breakout.</li><li>Nevertheless, we expect the index to maintain its upward momentum toward the 1,300-point level. We recommend selective speculation.</li></ul>

Asian bourses advanced, while the SET continued to edge higher on expectations of economic stimulus from the new economic team and steady fund inflows.The index has moved closer to the key resistance at 1,284, putting it within testing range and raising the potential for a breakout.Nevertheless, we expect the index to maintain its upward momentum toward the 1,300-point level. We recommend selective speculation.

Krungthai XSpring Technical Eng. SEPTEMBER 11, 2025

<ul><li>The SET continued to advance, supported by the formation of the new cabinet, which boosted expectations for economic stimulus measures.</li><li>In the short term, the index may continue to trade sideways but it is now approaching resistance at the previous high of 1,284 points.</li><li>Therefore, we recommend selective speculation, as the index is expected to continue rebounding toward the 1,300-point level.</li></ul>

The SET continued to advance, supported by the formation of the new cabinet, which boosted expectations for economic stimulus measures.In the short term, the index may continue to trade sideways but it is now approaching resistance at the previous high of 1,284 points.Therefore, we recommend selective speculation, as the index is expected to continue rebounding toward the 1,300-point level.

Krungthai XSpring Technical Eng. September 10, 2025

Thailand

Sappe Public Company Limited manufactures and distributes health drinks. The Company manufactures dietary and fruit juice drinks. Sappe distributes their products internationally.

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Sappe Pcl (SAPPE TB)

Sappe - Sales Growth Target This Year Set at 5%

The valuation metrics remain attractive based on the current fundamentals, but the tactical outlook is revised to very limited downside risk...

Krungthai XSpring

Sappe - 4Q24 and 2024 Core Profit Grew 18% YoY and 14% YoY Thanks to a Strong GPM

Core profit in 4Q24 and 2024 grew 18% and 14% YoY, respectively, driven by higher sales and improved margins. The dividend yield for 2024 is...

Krungthai XSpring

Sappe - Expect 4Q24E and 2024E Core Profit Growth of 27% and 16% YoY on a Strong GPM

Core profit for 4Q24E and 2024E is expected to have grown by 27% and 16% YoY, respectively, driven by higher sales and improved margins.

Krungthai XSpring

Krungthai XSpring Technical Eng. SEPTEMBER 11, 2025

Asian bourses advanced, while the SET continued to edge higher on expectations of economic stimulus from the new economic team and steady fund...

Krungthai XSpring

Krungthai XSpring Technical Eng. September 10, 2025

The SET continued to advance, supported by the formation of the new cabinet, which boosted expectations for economic stimulus measures.

Krungthai XSpring

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